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    NDTV denies buyout rumour; shares hit upper circuit for 2nd straight day

    NDTV denies buyout rumour; shares hit upper circuit for 2nd straight day

    NDTV denies buyout rumour; shares hit upper circuit for 2nd straight day
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    By CNBCTV18.com  IST (Published)

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    Shares NDTV were locked in their 10 percent upper circuit limit on the BSE for the second straight day on Tuesday after buyout rumours. Media reports had indicated that Adani Group is looking to acquire a Delhi-based media house, which many speculate to be NDTV.

    Shares of New Delhi Television (NDTV) were locked in their 10 percent upper circuit limit on the BSE for a second straight day on Tuesday after buyout rumours.
    The scrip hit a 52-week high at Rs 87.6 on Tuesday. The stock has rallied 123 percent Year to Date, sharply outperforming the Nifty Media index that rose only 17 percent.
    Media reports had indicated that Adani Group is looking to acquire a Delhi-based media house, which many speculate to be NDTV.
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    The BSE had sought clarification from NDTV, in response to which, the media company said, "the Founder-Promoters of the New Delhi Television
    Limited (“NDTV/the Company”), Radhika and Prannoy Roy, who are both journalists, are not in discussions now, nor have been, with any entity for a change in ownership or divestment of their stake in NDTV. They individually and through their company, RRPR Holding Private Limited, continue to hold 61.45% of the total paid-up share capital of NDTV".
    "NDTV has no information on why there is a sudden surge in the stock price," the company said in the regulatory filing.
    Despite the denial, shares of the media company were still higher in trade today. The stock has been gaining for the last two days and jumped nearly 21 percent during the period.
    During the past year, the scrip soared 155 percent whereas the sectoral index was up merely 24 percent.
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